Summary: California Department Of Water Resources; Water/Sewer Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to the California Department of Water Resources' (DWR) series AJ Central Valley Project water system revenue bonds. At the same time, Standard & Poor's affirmed its 'AAA' long-term and underlying rating (SPUR) on DWR's outstanding Central Valley Project water revenue debt. Standard & Poor's also affirmed its 'AAA' long-term rating on the Kings River Conservation District's water revenue bonds and Northern California Power Agency's Lodi Energy Center revenue bonds issue two 2010 series A and B. The outlook on all ratings is stable. The rating on Kings River Conservation District, Calif.'s water revenue bonds is based on our view of DWR's obligation to make debt service payments on the district's...

Companies mentioned in this report are:
- California Dept of Wtr Resources

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Dept of Wtr Resources

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